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SABIC plans to liquidate three plastics-related subsidiaries

 Last Update: 2022-08-22
 Source: Internet
 Author: User

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According to foreign media reports, Saudi Basic Industries Corporation (SABIC) plans to liquidate three of its plastic-related subsidiaries and incorporate the operations of these companies into other reporting units of the group

SABIC stressed that the company will not exit these businesses, which are currently part of separate businesses such as SABIC Industrial Catalysts, Saudi Carbon Fiber and Saudi-Japanese Acrylonitrile

SABIC's net income fell 86% to 830 million riyals (about 200 million euros) in the third quarter of 2019, its lowest quarterly profit in a decade, while sales fell 23%

In the third quarter, the Saudi group's 24.

In the presentation of the group's quarterly financial report at the end of October 2019, Chief Executive Yousef Al-Benyan said that the third quarter of Profitability challenges are likely to continue through the end of 2019

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